Im looking at Solomons letter  and for me its a difficult...

Im looking at Solomons letter  and for me its a difficult decision

On the one hand Solomon is rightly pointing out that Hounsell and this team of directors has made a new deal with the banks which allows them to screw shareholders and get paid out if it goes insolvent,  theyve also made it very difficult to reinstall the divident.  Good on him for finding that out and sharing it with us.  To make a deal with the banks without thinking of shareholders is pathetic.  Its also pathetic if Hounsell is paying himself $1 million a year like Lew says.

On the other hand can we trust Lew?  If you look at the top 20 holdings,  Premier Investments is not there and that means he is using one of the big global banks as a custodian (either HSBC, JP morgan, Citigroup, NAB etc).  These are the ones that are probably responsible for all the shorting and manipulating of Myer to undervalue it.  So if he is using them as a custodian then he is either in on the manipulation or they are doing it using his shares behind his back.

For more info about how all these custodians use manipulation and short selling on stocks like myer you can read here

http://independentaustralia.net/life/life-display/banking,11882

and here

http://independentaustralia.net/life/life-display/the-unspoken-crimes-of-the-asx---part-2,11955